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- XRP Coin’s price has dipped below the critical support level of $0.5.
- Ripple is set to celebrate a partial victory on September 29th.
- There’s a possibility of a significant announcement from Ripple officials on the day of the party.
The ongoing legal battle in the crypto world has been a source of discontent for XRP Coin investors. Ripple’s selection as the SEC’s target has been a long-standing damper on XRP Coin’s performance. With the summary judgment now in Ripple’s favor, the SEC continues its fight to turn the tide. So, what’s the current situation?
Ripple (XRP) on September 29th
Ripple Labs CEO Brad Garlinghouse recently announced Ripple Proper Party, a celebration event following the Summary Judgment. The community celebration event is scheduled for September 29, 2023, in New York, and registrations are currently open. So far, so good, but is that all? Ripple aims to take the necessary steps towards an IPO following the lawsuit. If there’s a striking development, plan, or announcement related to the lawsuit or the IPO, we should see it on September 29th.
In the coming days, we may see speculations that Ripple will make a significant announcement related to the lawsuit or another matter at this event. This could also trigger a price increase. At the time of writing, the XRP Coin price is trading just below the critical $0.5 support level. As expected, the appeal application caused the price to fall, and the overall market sentiment supported the decline.
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Ripple Lawsuit Lawyer
Attorney John Deaton, representing XRP token investors, is confident that a settlement announcement with the U.S. SEC will not be made. This is because a settlement can only be triggered if there are significant developments in the Coinbase vs. SEC case. In addition, the lawyer sees the possibility of an IPO as weak since the IPO application falls under the SEC’s jurisdiction.
What’s the connection between the Coinbase case and Ripple? The SEC has sued the country’s largest cryptocurrency exchange for operating as an unregistered broker, exchange, and clearing agency. This raised questions about how the agency could be charged with these after approving the IPO. Depending on the outcome of the Coinbase case, Ripple could cite the Coinbase case as a precedent to request approval for its own IPO.
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Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk of cryptocurrencies, and should conduct their transactions based on their own research.
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